It is basically the same as in Vista but this time Windows 7 has a GUI for it to make things easier and for a higher level of control.
Press WindowsKey + R (or go to Start->Run) and type in "msconfig" (without quotes). Hit Enter.
Go to the Tools Tab, choose "Change UAC Settings" and hit Start.
A new GUI will open. Slide the slider all the way down to disable UAC completely and hit OK.